Wednesday August 8, 2012
GPRO plunges 58% after UMA query
PETALING JAYA: More than half of GPRO Technologies Bhd’s market capitalisation was wiped out yesterday after the company was issued with an unusual market activity (UMA) query by Bursa Securities on Monday.
The counter plummeted 58.3% or 17.5 sen to end at 12.5 sen, with 105.7 million shares changing hands yesterday. It was the second most heavily traded counter and the seventh top loser.
According to its reply to the UMA query on Monday, the ACE Market-listed company said it was not aware of what could have caused its share price to rise and the high trading volume after making due enquiry with all the directors and major shareholders.
GPRO had closed 3.5 sen higher at 30 sen with 30.49 million shares traded on Monday.
Last week, GPRO’s share price rallied from 21 sen to 26.5 sen.
According to its website, GPRO provides IT solutions and technologies for the garment manufacturing industry worldiwde, developing in-house software and designing complementing hardware.